Shinhan Bank Provides 500 Million KRW Emergency Relief Fund for Flood Damage Recovery

Rapid Flood Recovery Fund Support Through 24 Regional Headquarters Nationwide
Financial Support of Total 100 Billion KRW Provided for SMEs and Individual Customers

[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 6th that it will urgently provide 500 million KRW in flood recovery support funds through its 24 regional headquarters nationwide to quickly restore areas affected by flooding caused by concentrated afternoon rains.

Shinhan Bank decided that support at flood sites must be carried out promptly and appropriately, and will provide flood recovery funds through its 24 regional headquarters located in flood-affected areas such as Gangwon, Busan, and Chungcheong regions.

The support targets organizations and corporations engaged in social welfare projects, institutions eligible to issue legal or designated donation receipts, and institutions not subject to the Improper Solicitation and Graft Act. Shinhan Bank’s regional headquarters will verify the fund usage plans before providing support.

A Shinhan Bank official stated, "While it is necessary to provide large donations through nationwide relief organizations, rapid support is even more crucial to enable swift recovery in the early stages of damage. It will be effective for each regional headquarters of the bank, which are well aware of local conditions and maintain close relationships with local networks, to provide support."

Meanwhile, Shinhan Bank is implementing a total of 100 billion KRW in emergency financial support, including new funding of up to 30 million KRW per company totaling 80 billion KRW for small and medium-sized enterprises temporarily facing difficulties in fund management due to the flood damage, as well as maturity extensions, installment payment deferrals, and preferential interest rates. For individual customers, it is providing emergency living stabilization funds totaling 20 billion KRW with a limit of 30 million KRW per person.